Executive Chronicles | Importance of Mileage Tracking Apps for Your Business | That’s why you’ve got to use an excellent mileage-tracking app for your business. With this app, you can track where your employees are and how much they spend. There are even dedicated fleet trackers for big companies.
GPS tracking consumes smartphone battery
Using the GPS tracking feature on your smartphone is a great way to keep tabs on your mileage. It also helps you to maximize your mileage tax deductions. There are many other uses for the feature as well.
Many different factors affect the battery life of your phone. For example, the amount of screen time you spend will affect your device’s battery life. You can optimize the settings on your device to get more out of your battery.
The GPS is a great way to track your location, but it could be a more power-efficient feature. If you are on the road, you should restrict the background data your phone is receiving to maximize the longevity of your battery.
The best battery life will vary from one smartphone to the next. Some phones are known to last up to a day with a full charge, while others will only last a few hours before recharge.
A good battery life can be achieved by turning on airplane mode and restricting the background data your phone receives. You can also turn off apps that consume a lot of power.
An intelligent energy management mode on your phone can also help you save on battery life. In particular, this mode is a good idea for those who frequently travel. It can extend your phone’s battery life by up to 5 months.
The GPS is an excellent way to track your mileage and other pertinent information, but it could be a more power-efficient feature. If you are in an area with poor cellular coverage, you will use more batteries than in a more affluent area.
Dedicated vehicle fleet trackers for large companies
Dedicated vehicle fleet trackers for large companies help you monitor the location of your vehicles. This information provides critical insights into your fleet’s performance. It also helps you optimize productivity. Whether you operate a delivery truck, a taxi, or any other vehicle, you can benefit from real-time information about your assets.
If you have a heavy-duty fleet, consider a hardwired GPS tracking system. You can also install a GPS tracker in your heavy-duty trailers or containers. A wired GPS tracking device is also helpful for recovery purposes.
A fleet management system can help you find stolen vehicles faster. You can be informed when a vehicle leaves a designated area using notifications. You can also use your software system to record suspicious activity.
Depending on the type of business you run, you may need to choose from a variety of different GPS trackers. These can range from small, battery-operated telematics to powerful, fully-hardwired devices. The best tracker for your company will depend on the size and complexity of your fleet.
Among the characteristics, you anticipate from your GPS tracking system are engine diagnostics, driver coaching, and maintenance planning. Additionally, you can create geofences to receive alerts when a vehicle enters or exits a specified location.
A comprehensive fleet management system will provide a dashboard to view critical parameters, including KPIs, key drivers, and driving behavior. You can also run reports and investigations on up to two years of fleet data.
These mileage trackers can be installed in most vehicles. Long-lasting rechargeable batteries, a vehicle power supply, or solar power can power them.
Actual expense method vs. standard mileage rates
Whether you want to deduct your business mileage or are interested in a better tax return, you should be aware of the two primary deduction methods. The actual expense method and the conventional mileage rate offer you a tax benefit for using your car for business purposes.
The standard mileage rate is more convenient for calculating your mileage deduction. This method uses the IRS’s mileage rate to calculate your vehicle’s fixed and variable costs. It can be used to offset your depreciation and lease payments and to claim a standard amount per mile driven.
The actual expense method is more involved. It requires detailed record-keeping for every expense. It is the best way to claim a significant deduction.
However, this method is only available for some types of businesses. It is not a good choice for fleet operations, vehicles claimed under Section 179, or charitable services. You can use the basic cost technique to deduct partial business use, but you must be able to prove it is not part of your fleet.
The most crucial information is that the standard mileage rate and the actual expense method are only some ways to claim a tax break. You should also consider the type of vehicle you use for your business and how much you drive. The standard mileage method is likely the most practical choice if you don’t drive a lot.
Keeping a mileage log with odometer readings, start and end times, and activities you’ve been engaged in would be best.
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